top of page

My research consists in using lab experiments and survey data to gain empirical insights on agents' behaviors and expectation formation processes, and developing models of the economy that incorporate heterogeneity and bounded rationality. These experiments and models can be used for the analysis of macroeconomic questions, in particular monetary and fiscal policy design, central bank communication, and prudential policy and financial regulation.

Here you can find the list of my publications and working papers, organized by topics:

Behavioral macroeconomics: lab and survey experiments
Publications in Peer-Reviewed Journals:
22. HOMMES Cars, HUBER Steffi, MINIMA Daria and SALLE Isabelle, 2024, Learning in a Complex World Insights from an OLG lab experiment, Journal of Economic Behavior and Organization, 220:813-837.
21. SALLE Isabelle, 2023, What to Target? Insights from a lab experiment, Journal of Economic Behavior and Organization, 212:514-533.
20. ARIFOVIC Jasmina, HOMMES Cars, KOPANYI-PEUKER Anita & SALLE, Isabelle, 2023Ten isn’t large! Group size and coordination in a large-scale experiment, American Economic Journal: Microeconomics, 15(1):580-617. WP version here

19. EVANS George, HOMMES Cars, McGOUGH Bruce & SALLE, Isabelle, 2022Are long-horizon expectations (de-)stabilizing? Theory and experiments, Journal Monetary Economics, 132:44-63.
18. SALLE Isabelle, Comment on `No Firm is an Island? How Industry Conditions Shape Firms’ Aggregate Expectations, by Philippe Andrade, Olivier Coibion, Erwan Gautier, and Yuriy Gorodnichenko, 2022, Journal of Monetary Economics, 125:57-61.

17. HODBOD Alexander, HOMMES, Cars, HUBER, Stefanie & SALLE, Isabelle, 2021The COVID-19 consumption game-changer: Evidence from a large-scale multi-country survey, European Economic Review, 140 (Nov.) 

ECB working paper version here; replication package here

Media coverage: Bloomberg; MarketwatchVOX-EU column; CEPR-VoX interview; El confidential; Santander Insights

16. ARIFOVIC Jasmina, HOMMES Cars & SALLE Isabelle, 2019, Learning to Believe in Simple Equilibria in a Complex OLG Economy - evidence from the lab, Journal of Economic Theory, 183:106-182.
Accepted version available here.

15. HOMMES Cars, MASSARO Domenico & SALLE Isabelle, 2019Monetary and Fiscal Policy Design at the Zero Lower Bound ? Evidence from the lab, Economic Inquiry, 57(2):1120–1140.

Accepted version available here.

Working Papers:
- LUSTENHOUWER Joep & SALLE Isabelle, Forecast revisions in the presence of news: a lab investigation, No 714, Working Papers from the University of Heidelberg, revised version 2024 here, R&R European Economic Review.
- HOMMES Cars, PINTER Julien & SALLE Isabelle, 2024What people believe about monetary finance and what we can(’t) do about it -- Evidence from a large-scale multi-country survey experiment, INFER working paper 2024.9, submitted.
- SALLE Isabelle, GORONIDCHENKO, Yuriy & COIBION, Olivier, 2023, Lifetime Memories of Inflation: Evidence from Surveys and the Lab, NBER 31996, December. 
- ARIFOVIC Jasmina, SALLE Isabelle & TRUONG Hung, 2023, History-Dependent Monetary Regimes: A Lab Experiment and a Henk Model, Tinbergen Insitute working paper 23-028/VI, submitted.

Behavioral macroeconomics: Learning and heterogeneous-agent models:

Publications in Peer-Reviewed Journals:

14. GRIMAUD Alex, SALLE Isabelle, VERMANDEL Gauthier, A Dynare Toolbox for Social Learning Expectations, forthcoming in the Journal of Economic Dynamics and Control, Revised version Dec. 2023 here. Download our Dynare toolbox here!

13. ARIFOVIC Jasmina, GRIMAUD Alex, SALLE Isabelle & VERMANDEL Gauthier, Social Learning about Monetary Policy at the Zero-Lower Bound, forthcoming in the Journal of Money, Credit and Banking.

12. SALLE Isabelle, YILDIZOGLU Murat, ZUMPE Martin & SENEGAS, Marc-Alexandre, 2017Coordination through social learning in a general equilibrium model, Journal of Economic Behavior & Organization, 141:64-82. 

WP version hereCode of the model

11. SALLE Isabelle & SEPPECHER Pascal, 2016Social Learning about Consumption, Macroeconomic Dynamics, 20 (16):1795-1825. 

WP version here, Code of the model in Netlogo and Java

10. YILDIZOGLU Murat, SENEGAS Marc-Alexandre, SALLE Isabelle, ZUMPE Martin, 2014Learning the optimal buffer-stock consumption rule of Carroll, Macroeconomic Dynamics,18 (4):727-752.

WP version hereCode of the NetLogo extension of the ANN, and code of the model

Earlier publications on the Jamel Agent-Based Model
I developed the Jamel model from 2012 to 2018 in collaboration with Dr. Pascal Seppecher (U. Paris 13). Find here more information about the model.

9. SALLE Isabelle & SEPPECHER, Pascal, 2018, Stabilizing an Unstable Complex Economy ? On the limitations of simple rules, Journal of Economic Dynamics and Control, 91:289-317. 

WP version hereCode of the model

8. SEPPECHER, Pascal, SALLE, Isabelle and LAVOIE, Marc, 2018What drives markups? Evolutionary pricing in an agent-based stock-flow consistent macroeconomic model, Industrial and Corporate Change, 27(6):1045-1064

WP version hereCode of the model

7. SALLE Isabelle, SEPPECHER, Pascal and LANG, Dany, 2019Is the market really a good teacher? Market selection, collective adaptation and financial instability, Journal of Evolutionary Economics, 29(1):299-33. 

WP version hereCode of the model

Must-Read on Brad DeLong’s blog and the Washington Center for Equitable Growth.

6. SEPPECHER Pascal & SALLE Isabelle, 2015Deleveraging crises and deep recessions – a behavioural approach, Applied Economics, 47(34-35):3771-3790.

WP version hereCode of the model

Other earlier publications on Agent-Based Models:

5. SALLE Isabelle, SENEGAS, Marc-Alexandre, YILDIZOGLU, Murat, 2019How transparent should a Central Bank be ? an ABM assessment, Journal of Evolutionary Economics, 29(1):391–427.

WP version hereCode of the model ​, Code NOLH sampling

4. SALLE Isabelle, 2015, Modeling expectations in agent-based models – An application to central bank’s communication and monetary policy, Economic Modelling, 46:130-141.

WP version hereCode of the model , Code NOLH sampling

3. SALLE Isabelle & YILDIZOGLU, Murat, 2014, Efficient Sampling and Metamodeling in Computational Economic Models, Computational Economics, 44(4):507-536.

WP version hereCode of the NetLogo extension of the ANN, Code NOLH sampling, codes of the paper

2. SALLE Isabelle, YILDIZOGLU, Murat, SENEGAS, Marc-Alexandre, 2013Inflation Targeting in a Learning Economy: an ABM Perspective”, Economic Modelling, 34:114-128.

WP version here​, Code of the model , Code NOLH sampling



Publication in French (peer-reviewed):

1. SALLE, Isabelle, 2013, Ciblage de l’inflation, Transparence et Anticipations –une revue de la littérature récente, Revue d’Economie Politique, 123(5):697-736, working paper (in French) here.

Contributions to newspapers:

Coronavirus: pourquoi les Pays-Bas n’ont pas de leçons à nous donner, a critical piece in FigaroVox (in French) about Dutch economics.


Behavioral Models
Agent-based Models
bottom of page